Market Comment Right-size
Dawn of Fisher Wrathall reflects on the changing mood of home
buyers and why now, more than ever, finding a property that fits
well is important – at all stages of life.
We hear so much about up-sizing and down-sizing in the property
market. But, now especially, the correct thing to do is right-size.
That is to live in the space which suits you best. Today it is just
not that sensible to rattle around in a huge family house when the
children have left home. At a time of life and in a financial
climate when it's best to hang on to hard-earned capital, spending
it on rooms and space that are never needed is an extravagance.
Also, many empty nesters are right-placing - seeking to return to
town and city centres where they can be close to a larger range of
facilities. Right-sizing also provides the opportunity to move into
higher specification accommodation. For many trading down offers
the opportunity to purchase a bolthole in the sun. Prices in
countries such as Spain, France and Portugal are still rock bottom
but there are signs that this is set to change, so now seems a very
good time to buy abroad with cash.
Up-sizing is another matter. Co-habitation and starting a family
often require more space not less. But this is a great time for
first time buyers to be on the move as interest rates are still at
their lowest ever. But there is so little on the market in many
areas. This is putting upward pressure on prices. So the ability to
buy with finance all set, and lots of determination to succeed
quickly is required.
There are fears of further global financial turbulence ahead. We
live in an uncertain political world and here in the UK there are
big questions on our future relationship with Europe and a housing
shortage. For many now is a particularly good moment for prudence -
for right-sizing, right-placing and right-timing.
The market is still active and filled with great opportunities
but caution is needed – caution, and good representation. It
is no secret that successful people get that way because they
obtain the best advice from the best people. That applies to those
buying and selling property also. A good local estate agent
who really knows the market is the key to successful